The Bank of New South Wales (BNSW), also known as The Wales, was the first bank in Australia. It was established in 1817 in

Sydney Sydney is the capital city of the States and territories of Australia, state of New South Wales and the List of cities in Australia by population, most populous city in Australia. Located on Australia's east coast, the metropolis surrounds Syd ...

. During the 19th century, the bank opened branches throughout Australia and New Zealand, expanding into

Oceania Oceania ( , ) is a region, geographical region including Australasia, Melanesia, Micronesia, and Polynesia. Outside of the English-speaking world, Oceania is generally considered a continent, while Mainland Australia is regarded as its co ...

in the 20th century. Throughout it history it merged with and purchased many other financial institutions. In 1981 it merged with the Commercial Bank of Australia and was renamed

Westpac Westpac Banking Corporation, also known as Westpac, is an Australian multinational banking and financial services company headquartered at Westpac Place in Sydney. Established in 1817 as the Bank of New South Wales, it acquired the Commerc ...

on 4 May 1982.

History

Established in 1817 in Macquarie Place,

premises leased from Mary Reibey, the Bank of New South Wales (BNSW) was the first bank in Australia. It was established under the economic regime of

Governor A governor is an politician, administrative leader and head of a polity or Region#Political regions, political region, in some cases, such as governor-general, governors-general, as the head of a state's official representative. Depending on the ...

Lachlan Macquarie Major-general (United Kingdom), Major General Lachlan Macquarie, Companion of the Order of the Bath, CB (; ; 31 January 1762 – 1 July 1824) was a British Army officer and colonial administrator from Scotland. Macquarie served as the fifth Gove ...

(responsible for transitioning the penal settlement of Sydney into a capitalist economy). At the time, the colony of Sydney had not been supplied with currency, instead barter and promissory notes was the payment method of choice. Governor Macquarie himself used cattle and rum as payment for the construction of Sydney Hospital and the road from Sydney to

Liverpool Liverpool is a port City status in the United Kingdom, city and metropolitan borough in Merseyside, England. It is situated on the eastern side of the River Mersey, Mersey Estuary, near the Irish Sea, north-west of London. With a population ...

. The suggestion of establishing a bank was raised in March 1810; but it wasn't until November 1816 that a meeting was held to discuss the real possibility of such a proposal. In February 1817 seven directors of the bank were elected:

D'Arcy Wentworth D'Arcy Wentworth (14 February 1762 – 7 July 1827) was an Irish-Australian surgeon and the first paying passenger to arrive in the new colony of New South Wales. He served under the first seven governors of the Colony, and from 1810 to 1821 ...

, John Harris, Robert Jenkins, Thomas Wylde,Thomas Wylde / Wilde retired founder of London's solicitors Wilde Sapte Alexander Riley,

William Redfern William Redfern (1775 – 17 July 1833) was the Surgeon’s First Mate aboard HMS ''Standard'' during the May 1797 Nore mutiny, and at a court martial in August 1797 he was sentenced to death for his involvement. His sentence was later commuted ...

and

John Thomas Campbell John Thomas Campbell (1770–1830) was a public servant and politician in the New South Wales Legislative Council during the early Australian colonial period. Early life Campbell was born in Ulster, Kingdom of Ireland in 1770. He was elde ...

. Campbell was elected the bank's first president and

Edward Smith Hall Edward Smith Hall (28 March 1786 – 18 September 1860)M. J. B. Kenny,Hall, Edward Smith (1786–1860), ''Australian Dictionary of Biography'', Volume 1, MUP, 1966. Accessed 27 May 2012 was a political reformer, newspaper editor and banker in ...

as its first cashier and secretary. During the 19th and early 20th century, the Bank opened branches throughout Australia and New Zealand and in the 20th century in Oceania. This included at

Moreton Bay Moreton Bay is a bay located on the eastern coast of Australia from central Brisbane, Queensland. It is one of Queensland's most important coastal resources. The waters of Moreton Bay are a popular destination for recreational anglers and are ...

(

Brisbane Brisbane ( ; ) is the List of Australian capital cities, capital and largest city of the States and territories of Australia, state of Queensland and the list of cities in Australia by population, third-most populous city in Australia, with a ...

) in 1850, then in Victoria (1851), New Zealand (1861),

South Australia South Australia (commonly abbreviated as SA) is a States and territories of Australia, state in the southern central part of Australia. With a total land area of , it is the fourth-largest of Australia's states and territories by area, which in ...

(1877),

Western Australia Western Australia (WA) is the westernmost state of Australia. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Aust ...

(1883),

Fiji Fiji, officially the Republic of Fiji, is an island country in Melanesia, part of Oceania in the South Pacific Ocean. It lies about north-northeast of New Zealand. Fiji consists of an archipelago of more than 330 islands—of which about ...

(1901), Papua (now part of

Papua New Guinea Papua New Guinea, officially the Independent State of Papua New Guinea, is an island country in Oceania that comprises the eastern half of the island of New Guinea and offshore islands in Melanesia, a region of the southwestern Pacific Ocean n ...

) (1910) and

Tasmania Tasmania (; palawa kani: ''Lutruwita'') is an island States and territories of Australia, state of Australia. It is located to the south of the Mainland Australia, Australian mainland, and is separated from it by the Bass Strait. The sta ...

(1910). Besides expanding its branch network, the bank also expanded by acquiring other banks: *1927: BNSW acquired the Western Australian Bank, which had been established in 1841 or 1842. *1931: BNSW acquired the

Australian Bank of Commerce Australian(s) may refer to: Australia * Australia, a country * Australians, citizens of the Commonwealth of Australia ** European Australians ** Anglo-Celtic Australians, Australians descended principally from British colonists ** Aboriginal Aus ...

, which had branches in both

New South Wales New South Wales (commonly abbreviated as NSW) is a States and territories of Australia, state on the Eastern states of Australia, east coast of :Australia. It borders Queensland to the north, Victoria (state), Victoria to the south, and South ...

and

Queensland Queensland ( , commonly abbreviated as Qld) is a States and territories of Australia, state in northeastern Australia, and is the second-largest and third-most populous state in Australia. It is bordered by the Northern Territory, South Austr ...

. *1942: BNSW suspended operations in Papua after the Japanese Army captured many of the towns in which it had branches and agencies, and bombed

Port Moresby (; Tok Pisin: ''Pot Mosbi''), also referred to as Pom City or simply Moresby, is the capital and largest city of Papua New Guinea. It is one of the largest cities in the southwestern Pacific (along with Jayapura) outside of Australia and New ...

. It resumed operations in 1946. *1946: BNSW resumed operations in Papua. *1957: BNSW purchased a 40% shareholding in Australian Guarantee Corporation and over the years progressively increased its interest to a majority stake of 76% and then acquired all remaining shares in 1988. *1968: BNSW joined Databank Systems consortium in New Zealand to provide joint data processing services. Around this time the bank started going 'on line' with the use of their computer nicknamed "Fabicus", the letters standing for "First Australian Banking Institution Computer Used in Sydney". Fabicus had been in use since 1958 in the processing of some records. With advanced programming, The use of this computer changed the whole concept of banking as it had been done in years previously with its combination of hand-written and machined records. Branches slowly became attached to the data processing centre and other banks slowly joined the ranks of computer-generated reports, records, and expansion. *1970: BNSW established a branch on

Tarawa Tarawa is an atoll and the capital of the Republic of Kiribati,Kiribati
''

Kiribati Kiribati, officially the Republic of Kiribati, is an island country in the Micronesia subregion of Oceania in the central Pacific Ocean. Its permanent population is over 119,000 as of the 2020 census, and more than half live on Tarawa. The st ...

, which also took over the government savings bank. BNSW was publicly listed on the

Australian Securities Exchange Australian Securities Exchange Ltd (ASX) is an Australian public company that operates Australia's primary Exchange (organized market), securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or c ...

on 18 July 1970. *1973: BNSW became the corporate sponsor of the Rescue Helicopter service started by

Surf Life Saving Australia Surf Life Saving Australia (SLSA) is an Australian not-for-profit community organisation that promotes water safety and provides surf rescue services. SLSA strives to create a safe environment on Australia's beaches and coastline through patro ...

. The service is known today as the

Westpac Life Saver Rescue Helicopter Service The Westpac Lifesaver Rescue Helicopter Service is a helicopter surf lifesaving service that operates in Australia. Founded in 1973 by Surf Life Saving Australia, a nonprofit organization, not-for-profit organisation, the service has carried o ...

*1974: BNSW participated in a joint venture to establish the Bank of Tonga. *1975: BNSW incorporated its local business in

as Bank of New South Wales (PNG). *1977: BNSW formed the Pacific Commercial Bank in

Samoa Samoa, officially the Independent State of Samoa and known until 1997 as Western Samoa, is an island country in Polynesia, part of Oceania, in the South Pacific Ocean. It consists of two main islands (Savai'i and Upolu), two smaller, inhabited ...

as a joint venture with the Bank of Hawaii, buying into Pacific Savings and Loan Company, in which the Bank of Hawaii had had an ownership interest since 1971. *1981: BNSW merged with the Commercial Bank of Australia. The

Parliament of New South Wales The Parliament of New South Wales, formally the Legislature of New South Wales, (definition of "The Legislature") is the bicameral legislative body of the Australian state of New South Wales (NSW). It consists of the Monarch, the New South Wa ...

passed the ''Bank of New South Wales (Change of Name) Act 1982'' on 4 May 1982, changing the name of BNSW to Westpac. The new brand incorporates the "W" motif, which had been the logo of BNSW.

Executive leadership

Chief executive

* Alfred Davidson – General manager (1929–1945) *Robert Norman – General manager (1964–1977) *Bob White – Chief general manager (1977–1982)

President/Chairman

(Note: In'' 200:The Westpac Story'' on page 296 there is a chronological list of presidents of the Bank of New South Wales 1817-1982 followed by a list of chairmen of Westpac Banking Corporation 1982–2017.)

Coat of arms

In 1931 the bank was granted a coat of arms from the

College of Arms The College of Arms, or Heralds' College, is a royal corporation consisting of professional Officer of Arms, officers of arms, with jurisdiction over England, Wales, Northern Ireland and some Commonwealth realms. The heralds are appointed by the ...

, symbolising the 1927 acquisition of the Western Australian Bank. The arms featured an

emu The emu (; ''Dromaius novaehollandiae'') is a species of flightless bird endemism, endemic to Australia, where it is the Tallest extant birds, tallest native bird. It is the only extant taxon, extant member of the genus ''Dromaius'' and the ...

and a

black swan The black swan (''Cygnus atratus'') is a large Anatidae, waterbird, a species of swan which breeds mainly in the southeast and southwest regions of Australia. Within Australia, the black swan is nomadic, with erratic migration patterns dependent ...

(which is symbolic of Western Australia) rampant supporting a shield surmounted by a kangaroo and the emblem of the rising sun. On the shield are shown a ship, two sheaves of wheat, a sheep, a cow, and a crossed pick and spade, representing the principal industries of Australia at the time: pastoral, agricultural, mining and shipping. The motto included was "Sic fortis Etruria crevit", translated as "Thus strong

Etruria Etruria ( ) was a region of Central Italy delimited by the rivers Arno and Tiber, an area that covered what is now most of Tuscany, northern Lazio, and north-western Umbria. It was inhabited by the Etruscans, an ancient civilization that f ...

prospered", a line taken from

Virgil Publius Vergilius Maro (; 15 October 70 BC21 September 19 BC), usually called Virgil or Vergil ( ) in English, was an ancient Rome, ancient Roman poet of the Augustan literature (ancient Rome), Augustan period. He composed three of the most fa ...

's Second Georgic and an early motto of the Colony of

. These arms replaced the original arms known as the "Advance Australia Arms" which was similar to the first

Coat of arms of Australia The coat of arms of Australia, officially the Commonwealth Coat of Arms, is a formal symbol of the Commonwealth of Australia. It depicts a shield, containing symbols of Australia's six states, and is held up by native Australian animals, the ka ...

used until 1910, using the same kangaroo and emu supporters and the motto "Advance Australia". The shield in these arms was retained in the 1931 arms.

Heritage-listed buildings

The Bank of New South Wales built many buildings in Australia, some of which survive and are heritage-listed. However, very few are still used as banks. Surviving buildings with heritage listing include:

New South Wales

* 341 George Street, former Sydney Head Office (1927–1932). * 107–109 Bathurst Street, Sydney (1895). *51 Mount Street,

North Sydney North Sydney is a suburb and commercial district on the Lower North Shore of Sydney, New South Wales, Australia. And is the administrative centre for the local government area of North Sydney Council. History The Indigenous people on the s ...

(1931). *306 Pacific Highway, Crows Nest (1924). * 264 Church Street,

Parramatta Parramatta (; ) is a suburb (Australia), suburb and major commercial centre in Greater Western Sydney. Parramatta is located approximately west of the Sydney central business district, Sydney CBD, on the banks of the Parramatta River. It is co ...

, Sydney (current branch) * 18 King Street, Sydney (1912)

Queensland

* Bank of New South Wales Building, Brisbane *

Bank of New South Wales Building, Charters Towers Bank of New South Wales is a heritage-listed former bank building at 34–36 Gill Street, Charters Towers City, Queensland, Charters Towers City, Charters Towers, Queensland, Charters Towers, Charters Towers Region, Queensland, Australia. It w ...

* Bank of New South Wales Building, Gympie * Bank of New South Wales Building, Helidon * Bank of New South Wales Building, Maryborough * Bank of New South Wales Building, Normanton (currently operates as a branch of Westpac Bank) * Bank of New South Wales Building, Townsville * Bank of New South Wales Building, Yungaburra

Victoria

* Melbourne Head Office (building demolished with the façade preserved and relocated within the

University of Melbourne The University of Melbourne (colloquially known as Melbourne University) is a public university, public research university located in Melbourne, Australia. Founded in 1853, it is Australia's second oldest university and the oldest in the state ...

, Parkville campus)

Gallery

File:Bank of New South Wales Oamaru 2.jpg, Bank of NSW Building (1882),

Oamaru Oamaru (; ) is the largest town in North Otago, in the South Island of New Zealand, it is the main town in the Waitaki District. It is south of Timaru and north of Dunedin on the Pacific Ocean, Pacific coast; State Highway 1 (New Zealand), Sta ...

, New Zealand File:Bank of New South Wales, 55 Collins Street, Melbourne A2825152h.jpg, Bank of NSW, 55

Collins Street, Melbourne Collins Street is a major street in the Melbourne central business district, central business district of Melbourne, Victoria, Australia. It was laid out in the first survey of Melbourne, the original 1837 Hoddle Grid, and soon became the most ...

File:HSBC, North Sydney (6305383585).jpg, Bank of NSW North Sydney Branch (1931–1974), 51 Mount Street, North Sydney

References

Footnotes

{{Authority control Banks established in 1817 Banks disestablished in 1982 Defunct banks of Australia Financial services companies based in Sydney Westpac Australian companies established in 1817 Australian companies disestablished in 1982